This greater consumer interest has been backed by drop in prices as a result of focused marketing and decreasing costs of components.
New analysis from Frost & Sullivan (automotive.frost.com), Passenger Vehicle Telematics and Navigation Systems Market in India, finds that the market earned revenues of $23.2 million in 2008 and estimates this to reach $44.1 million in 2013.
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Global positioning system (GPS)-based security systems are breaching the confines of the luxury vehicles segment and are making forays into other car segments. Car manufacturers are catalyzing the permeation by tying up with navigation systems suppliers to reduce the gap between customers and the products. Such urgent measures are necessary to tap the large addressable market, which comprises vehicles in operation as well as new ones.
Both passenger vehicle telematics and navigation systems have significant scope for uptake due to workers' increasing mobility. Passenger vehicle fleets are becoming more complex as employee bases are constantly expanding, making it necessary to reschedule routes accordingly. This makes a solid case for passenger vehicle telematics, while navigation systems thrive on the improvements in wireless communication and road infrastructure.
"The increase in long distance-driving for recreation and exploration purposes and the rise in instances of employee transfers to other states where language barriers exist have boosted the prospects of navigation devices. Moreover, with the demands for safety and fuel optimization becoming priorities among fleet hirers, telematics is seen as the most efficient solution," says Frost & Sullivan Research Analyst.
To fully tap the potential of the market and lower fleets' resistance to change, participants will have to combat the low-value tag attached to their products. Further, drivers are reluctant to adopt these technologies because they are averse to being tracked. In India, where the majority of car owners drive economy cars, the high prices of these products could also be a major deterrent.
Telematics companies can evade these issues by improving the visibility of the products and designing their products in a way that delivers optimum service at convenient prices.
"Manufacturers of telematics systems also need to focus on educating customers about the service aspect of the technology. Improving service will help customers trust the technology and boost sales through word-of-mouth marketing" notes the Analyst.
Passenger Vehicle Telematics and Navigation Systems Market in India is part of the Automotive & Transportation Growth Partnership Services program, which also includes research in the following markets: Commercial Vehicles Market in India, Strategic Assessment of the Automotive Ferrous Castings Market in India, and Strategic Assessment of the Indian Automotive Market Outlook. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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Passenger Vehicle Telematics and Navigation Systems Market in India / P28F
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